Pl default
vinay
(Querist) 13 August 2013
This query is : Resolved
"i was taken pl 4.5laks in hdfc bank 0n 2007. i paid 7 emi. but unfortunately i lost my job. so i didnt repay that money. i changed my mobile number and house also. now the bank people traced my wife she is staying alone with my kid in delhi. i am in madurai. bank persons forced my wife and doing some kundas activities. they are got my number and called me to come bank immediately.'they are told me they already taken legal actions against me. right now i don't have wealthy finance position to repay the loan. what can i do? in case i go to bank what happen to me? i am very panic they are put me a jail. please tell me some legal solutions.
malipeddi jaggarao
(Expert) 14 August 2013
What is the purpose of the loan? You have not revealed this fact. It is to acquire immovable property whether that property is taken as mortgage or not? This is also not clear.
If it is vehicle loan, Bank has the option to seize the vehile.
If it is personal loan given purely on the basis of salary income - the things are different.
First of all, no borrower should run away without informing the facts to the Bank. Remember that Bank has obtain periodical renewal document from the borrower to save limitation period. If the borrower is not traceable, Bank will be forced to take immediate steps for legal action. If you lost your job, you should have gone to the Bank and represent that you are not in a position to pay the EMI as you do not have job presently and will start again when you get a job. You have not done this.
Now, it is better to call on the Bank and request for rescheduling your EMI. Since you are at a different place now away from family only easy access to you is through your family. Hence the bank contacts (in words create pressure in the mind) your wife to bring you back on the track.
It is a civil matter. They can not put you behind bars immediately. You go to the Bank and request them for reschedulement. If you have means, pay some amount right now so that it will create confidence in the mind of the Bank that your default is temporary and not intentional and they will be able to recover their money.
Rajendra K Goyal
(Expert) 14 August 2013
If you are in Madurai you may inquire / get the outstanding loan amount from any Branch of the Bank there. Send a letter through that Branch with your plan for repayment. Send also direct copy of letter to the concerned Branch. Deposit as much as you can in your PL account immediately if no recovery suit has been filed. If suit filed, engage a lawyer to defend you in the court.
